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Written by 9:32 pm Broker Investigations, Securities Fraud Articles

Scott Sibley Barred from Securities Industry

Scott A. Sibley

Former Boca Raton Broker Barred from Securities Industry

According to FINRA, Scott A. Sibley has been permanently barred from the securities industry. FINRA alleges that between January 2010 and February 2015, Sibley effected 900 unauthorized transactions in 2 accounts belonging to 1 customer. The findings further stated that of the 900 securities purchases and sales, 139 were allegedly equity options where Sibley sold uncovered put option contracts or closed put option contracts for the customer. In addition to effecting purchases and sales without written authorization, Sibley purportedly caused the customer to carry a margin debit balance without the customer’s authorization, knowledge, or consent.

In addition, Sibley allegedly  made unsuitable recommendations to 10 customers. According to FINRA, the 10 customers were all seniors. They all relied on the money in their accounts to help fund their ongoing retirements. In addition he allegedly exercised discretion without written authorization and without the accounts being accepted as discretionary in 14 accounts of 10 customers.

Other allegations include creating false books and records of his employing firm when he inaccurately marked transactions solicited; and willfully failed to disclose a compromise with creditors on his Form U4.

Sibley’s FINRA Broker Report lists 22 disclosure events including seventeen customer complaints. Allegations include negligence, fraud, excessive trading, and unsuitable transactions among others.

Scott A. Sibley was registered with Moors & Cabot Inc. in Boca Raton, FL from March 2015 through February 2017. Prior to that, he worked for Raymond James & Associates in Fort Lauderdale, FL from November 2007 until March 2015, according to his Broker Report.

For FINRA’s full findings see FINRA Case # 2015044123501.

The foregoing information, which is all publicly available, is being brought to you by The White Law Group.

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Tags: , , Last modified: July 7, 2023